Help with purchasing off market deal

[Amber Seel]

Can anyone provide insight in the process for purchasing an off market deal? My understanding is that you write letter with good faith offer, after that is accepted, you contact a lawyer to draft a purchase agreement and then title company for closing. Is this correct?

[Scott E.]

You are pretty close to correct with your understanding.

1. If you and the seller come to an agreement on terms verbally, it's time to put that offer in writing.

2. Out here in AZ there is a standardized purchase contract that I would use to outline all of the details of my offer. Not sure where you are located but I'd imagine there is something similar around there. Put all of your offer details on this contract, sign it, then get signatures from the seller.

3. Once you have a fully executed contract, you will give it to the title company to open escrow and handle the rest of the process (collection of earnest deposit, signing all of the documents, moving the money around, recording the deed, etc)

*I would involve an attorney, a real estate agent, or a title company during step 2. Have them review your contract to make sure that you didn't miss anything. An agent might do this for you for a flat fee that is lower than what an attorney would charge*